Madison, WI - At the request of credit
unions, the State Assembly has passed Senate Bill 356 (SB 356), that
will allow credit unions to double their financial support for
charitable and community organizations. As it was in the Senate, it was
adopted with no dissenting votes.
SB 356 increases credit unions’ charitable giving limit, set in
1971 at one half of one percent, to one percent of regular reserves.
“Wisconsin's member-owned financial institutions are socially
responsible, vested in and committed to making significant contributions
to the communities they serve,” said League President & CEO
Brett Thompson. “We’re extremely grateful to the authors of
this proposal, Senator Glen Grothman and Representative Dale Kooyenga,
and its more than 30 cosponsors.”
Wisconsin credit unions support close to 3,000 charities and programs
with hundreds of thousands of dollars of monetary, in-kind and volunteer
support annually. That support is in addition to the more than $200
million credit unions saved their member-owners in the form of lower
rates on loans, higher rates on savings and lower and fewer fees for
financial services in 2011.